ACCOUNTANCY TRAINING AND EDUCATION CENTRE (ATEC)
COURSE OUTLINE
A Great Place to Learn.
PROGRAMME:
DURATION:
DAY(S):
MODE:
COMPONENT:
ACCA
July - December 2013
Wednesday (make-up Fridays)
Part Time
F8 - Audit and Assurance
LECTURER:
CAMPUS:
Susan Ramsamooj
Champs Fleurs
Lecture
#
Lecture Day &
Date
Time
Hrs Cum Lecture Topic (s)
Hrs
No./ Type Important
of
Outcomes
Session
Concepts/
Ideas
to
know/Learning
Expected
Reading
Other
Matters
Questions
1
Wed 10-Jul-13
5:30pm 8:30pm
3
3
Nature, Purpose
and Scope of an
Audit
1./Lt/EP
a) objective and general principles of external audit Chap. 1 & 2
engagements. b) nature and development of audit c)
agency theory .d) concepts e) Stakeholders. f) the
statutory regulations - appointment, rights, removal and
resignation of auditors. g) limitations of external audits. h)
postulates
External Auditors
- 6/ 2000
2
Wed 17-Jul-13
5:30pm 8:30pm
3
6
Professional code
of ethics
1./Lt/EP
a) Code of ethics and conduct. b) ethical issues ;
fundamental principles; threats and safeguards
1. Mc Kay 6/2006
2.
Stark - 12/ 2008
19-Jul-13
5:30pm 8:30pm
3
9
1.Professional
code of ethics –
cont’d
2.responsibility and
liability
3.laws
and regulations
1./Lt/EP
a) fundamental principles of confidentiality. b) conflicts of Chap. 4 and
interest c) responsibilities for the prevention and detection
Chap 6
of fraud and error. d) laws and regulations.
1.Confidentiality 12/ 2003 2.
Fraud & Error 12/2004
Wed 24-Jul-13
5:30pm 8:30pm
3
12
Corporate
Governance
1./Lt/EP
a)objective, relevance and importance of corporate
governance.b)communicate with those charged with
governance. c) provisions of international codes of
corporate
governance
d)corporate
governance
requirements e) structure and roles of audit committees
and their benefits and limitations.
1. NorthCee Pilot Paper 2.
Serena - 12/2011
3
4
Fri
Chap 4
Chap. 3
5
Wed 31-Jul-13
5:30pm 8:30pm
3
15
Internal Audit
6
Wed 07-Aug-13
5:30pm 8:30pm
3
18
Revision
5:30pm 8:30pm
3
21
Audit appointment
7
Fri
09-Aug-13
1./Lt/EP
1./EP
1./Lt/EP
a) role and objective of IA . b) role of IA in Corporate
Goverance c) best practice in the structure and operations
of IA d) assessing the need for IA e). external auditor vs
the IA f) role of external and IA in fraud and error g)
scope of the IA function h)limitations of the IA function. i)
Outsourcing IA function. j) IA assignments
Chap. 5
1.Montehodge 6/2008
2.Goofy-6/ 2011
Chap. 4
1. Viswa 6/2004
Serenity12/2006
Revision of Lectures 1-5
1. LV
Fones - 6/2010; 2. Corporate governance - BPP Q.; 3.
Jumper. - 6/2006; Q4. ZX - 6/2005 Q5. Currant - 6/2012
Q6. Conoy - 6/2009
a) new engagements - preconditions, professional ethics,
other requirements b) obtaining professional work .c)
engagement letter and their contents. d) Issue of a new
engagement letter e) consideration in changing the terms
of engagement.
8
Wed 14-Aug-13
5:30pm 8:30pm
3
24
Planning,
controlling and
recording the audit
1./Lt/EP
a) planning an audit. b) the overall audit strategy and audit Chap. 6 & 7
plan. c) interim audit and final audit d) components of
audit risk. e) audit risks in the financial statements f)
understanding of the entity and its environment. g) risk
assessment procedures h) analytical procedures i)
preliminary materiality and performance materiality. j) audit
documentation. k) the contents of working papers and
supporting documentation. l) safe custody and retention of
working papers. m) controlling the audit .
9
Wed 21-Aug-13
5:30pm 8:30pm
3
27
The internal control
system
1./Lt/EP
a) the auditor and internal controls b) components of an
internal control system c) tests of control and substantive
procedures. d) recording, evaluating and testing of internal
control systems e) deficiencies and significant deficiencies
in internal control systems
Chap 9
23-Aug-13
5:30pm 8:30pm
3
30
Accounting and
internal control
system – cont’d
1./Lt/EP
Internal Control Objectives, control procedures and Test of
Control re: Sales Cycle; Purchase Cycle and Wages Cycle
Chap 10
Wed 28-Aug-13
5:30pm 8:30pm
3
33
Accounting and
internal control
system – cont’d
1./Lt/EP
Internal Control Objectives, control procedures and Test of
Control re: Fixed Assets; Cash and Bank and petty cash
10
11
Fri
2.
1. Tempest- 12/
2005;
2.
S/brush - 6/ 2010
3. Spec 4U 12/2004
1. Rhapsody 6/2007
2.
Pear-6/ 2012
3. Greystone 12/2010
4.
KLE-12/ 2006
5. Blair-2/ 2011
1. Letham - 12/
2009
2. Matalas - 12
2007
5:30pm 8:30pm
3
36
Audit Procedures
1./Lt/EP
a) assertions b) use of assertions in obtaining audit
evidence c) sufficient and appropriate audit evidence. d)
audit procedures. e) professional scepticism. h) analytical
procedures used as substantive procedures.
Chap 8
06-Sep-13
5:30pm 8:30pm
3
39
Audit Evidence and
Sampling
1./Lt/EP
a) accounting estimates. b). Using the work of others c)
relying on the work of internal audit. d) management
representation e) Audit sampling procedure e) sample
selection f) evaluation of the results.
Chap 11
1. Strathfield 12/ 2002
14
Wed 11-Sep-13
5:30pm 8:30pm
3
42
Audit in a
computerized
environment
1./Lt/EP
a) the use of computer-assisted audit techniques in the
context of an audit. b) use of test data and audit software
for the transaction cycles and balances
Chap 11
1. Porthos 12/2005
2.
Delphic - 12/
2007
15
Wed 18-Sep-13
5:30pm 8:30pm
3
45
Audit of Assets
1./Lt/EP
Substantive testing and analytical procedures in relation to Chap 12 &
verifing the assertions - fixed assets and depreciation;
14
receivables and sales; intangble assets
1. Tracey
Transport - 6/05;
2. Wearwraith 6/2006
20-Sep-13
5:30pm 8:30pm
3
48
Audit of assets
(cont'd)
1./Lt/EP
Substantive testing and analytical procedures in relation to Chap 13 &
verifing the assertions - prepayments, inventory, bank and
15
cash
1. Lily Window 12/2012
2.
DeCe - 12/2005
3. DinZee 12/2007
17
Wed 25-Sep-13
5:30pm 8:30pm
3
51
Audit of Liabilities
1./Lt/EP
Substantive testing and analytical procedures in relation to
verifing the assertions - Share capital; payable and
purchases; accruals; contingent liabilities; directors'
emolument;
Chap 16
1. Bolder 12/2004
2. Pineapple 6/2012
18
Wed 02-Oct-13
5:30pm 8:30pm
3
54
Revision
1./EP
Revision of audit of assets and Liabilities:
1.
Tinkerbell - 6/2011; 2. Blake - 12/2008; 3. Rose 12/2012;
Tye 6/2009
04-Oct-13
5:30pm 8:30pm
3
57
Audit completion
and the final review
1./Lt/EP
1. Audit finalisation and the final review. 2. Auditors
responsibility, procedures and opinions re: a)subsequent
events. b). Going concern c) opening balances and
comparative information. d). Written representations e)
information contained in other documents
Chap. 18
1Crightonward
6/2005
2. Oilrakers Dec 2005
20
Wed 09-Oct-13
5:30pm 8:30pm
3
60
Auditor Report
1./Lt/EP
a) Format and content of unmodified audit reports; b)
matters affecting the audit opinion and their effect on the
auditors’ report - modified audit opinions; emphasis of
matter and other matter paragraphs.
Chap. 19
1. Jonarc 12/2007
2. Daffy - 6/2011
3. Humphries 12/2011
21
Wed 16-Oct-13
5:30pm 8:30pm
3
63
Revision
12
13
16
19
Wed 04-Sep-13
Fri
Fri
Fri
1./EP
1. Minni - 12/2011; 2. Medmade - 6/2011; 3. Galartha 12/2007; 4. Hood Enterprise 6/2005 5.Kiwi - 12/2012
22
Wed 18-Oct-13
5:30pm 8:30pm
3
66
Other Assurance
Svcs; Not for Profit
and Small
company audits
23
Wed 23-Oct-13
5:30pm 8:30pm
3
69
Revision
Key / Legend
Lt = Lecture
T=Tutorial
Lb = Lab
1./Lt/EP
1./EP
1.a)objectives of an assurance engagement. b) elements Chap. 1 &17
of an assurance engagement. c) procedures required to
collect evidence. d) level of assurance e) The Assurance
Reports.
2) Apply audit techniques to not-for-profit
organisations and the audit report.
3)
audit of smaller entities and the impact on the audit report
1. Abrahams - 12/2011; 2. White - 12/2010;
Happy Windows 6/2010;
1. Brampton
12/2009
3. Shiny
EP = Exam Prep
_________________________________
Last Notes: SBCS reserves the right to make changes to the information contained herein. Any changes effected to the information
contained herein will be made known to all students concerned via class announcement. It is thus the responsibility of the student
to attend all classes and to keep abreast of matters should they be absent from any class session. Students are advised and encouraged
to contact their fellow classmates for updates where class sessions have been missed.
Date syllabus last modified: January 2013
__________________________________
ce to Learn.
Items Due
For Next
Class
Chap 2
Chap. 4 and
Chap. 6
Chap. 3
Chap. 5
Revision of
Lectures 1 to
5
Chap. 6 & 7
Chap 9
Chap 10
Chap 8
Chap 11
Chap 11
Chap 12 & 14
Chap 13 & 15
Chap 16
Revision of
compliance
and
substantive
testing
Chap. 18
Chap. 19
Revision of
matters
affecting
audit report
Chap. 1 &17
______________